Key Trends in Human Capital

PricewaterhouseCoopers (PwC) recently published their annual report on the Key Trends in Human Capital. For 2012 they focused on how the nature of the global workforce has changed, due to the financial crisis and resulting economic downturns around the world. PwC detailed what they consider the four key trends:

1. Productivity gaps widen - Productivity dropped sharply in developed economies while Latin America and the Asian-Pacific began showing far higher levels of productivity than Europe, giving them a strong competitive edge.

2. A rocky road for rookies - One of the major consequences of the crisis is that

organizations in the West have chosen experience over youth, cutting back on the

recruitment of younger workers and banking on the experience of older workers to see them through. While this strategy has worked in the short term, it may create talent chain supply problems in the future.

3. Survivors disengaged - Employees who survived the cost-cutting cull have been left disillusioned and disengaged. The younger generation has been hit particularly hard as they see their opportunities dwindle and their career path blocked by older workers who can’t afford to retire.

4. Best practices in human capital analytics has arrived - The most successful organizations are using analytics and the capabilities of the HR function to get the most from the investment in their people. Advancements in data collection and analysis are an enormous opportunity for those who are prepared to take advantage of them.

It’s interesting to note that two of the four key trends revolve around the youthful workforce that is a critical element of forward-thinking companies. PwC concluded, “The Millennial generation has been hardest hit by the downturn, but time will make them the dominant force in future workforces.”

An HCM for the Young and the Restless

Bright, enthusiastic and reliable workers for retail sales venues aimed at the youth market are some of the most difficult to recruit and retain. Nonetheless, a young workforce is the best face for any venue with a primary clientele from mid to late teens. To connect with and engage this demographic, companies are best served by a Human Capital Management (HCM) system that offers a progressive, vital interface.

Dayforce HCM provides this kind of interface for Aeropostale, a US retail clothing business with a targeted clientele in their teens. This is a workforce that is often looking for part-time employment or work shifts that work well with school schedules. To engage these young workers and increase the feeling of involvement and community, the back room of every store includes a wall with pictures of the young employees and personal notes about what bands they like, what community issues are important to them, and even what they want to do when they grow up. Aeropostale calls it the iChat wall.

Aeropostale uses the Dayforce HCM to extend this engagement with a solution that includes a message center where sales associates can log in to check hours and store updates from their computer or smartphone, and where they can update availability and even swap shifts. Keeping talent is such a vital part of business success that

the 2012 Trends report emphasizes that “Organizations cannot realize their growth potential without the people to make it happen.”

The right HCM can help assure that businesses get the right talent in the right roles and can keep them there.

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